What was the gold price today, Wednesday?

Gold broke the $4000 per ounce level to record an all-time high today, Wednesday, driven by investors seeking a safe haven amid rising economic and geopolitical uncertainty, alongside expectations that the Federal Reserve (the US central bank) will further cut interest rates.

Spot gold rose 0.3% to $3997.09 per ounce by 0202 GMT, after hitting an all-time high of $4000.96.

US gold futures for December delivery increased 0.4% to $4020 per ounce.

Gold is typically considered a store of value during times of instability. Spot gold has risen 52% since the start of the year after gaining 27% in 2024.

Tai Wong, an independent metals trader, said, “There is a lot of confidence in this trade right now to the extent that the market will be watching for the next big number, which is 5000, with the Federal Reserve likely to continue cutting interest rates.”

He added, “There will be some obstacles along the way such as a permanent truce in the Middle East or Ukraine, but it is unlikely that the fundamental drivers of the trade—huge and growing debt, reserve diversification, and a weak dollar—will change in the medium term.”

A range of factors such as increased central bank purchases, renewed interest in gold-backed ETFs, a weaker dollar, and strong individual demand have supported the rise of the yellow metal.

The US government shutdown entered its seventh day on Tuesday, leading to delays in key economic indicators, forcing investors to rely on secondary non-government data to anticipate the timing and extent of interest rate cuts.

Investors now expect a 25 basis point rate cut at this month’s Federal Reserve meeting, with an additional 25 basis point cut in December.

Additionally, political unrest in France and Japan has boosted demand for the yellow metal, considered a safe haven.